Distressed acquisition opportunities – December 2023

Franklin’s Restructuring team has assembled its latest sector-by-sector list of distressed acquisition opportunities.

The targets are companies in insolvency proceedings that are now up for sale and for which tender offers have been made by the court-appointed trustees in charge of finding potential buyers.

Our sector-by-sector updates are designed to help clients quickly identify potential build-up opportunities.

Tender offer periods are very often extended beyond the deadlines specified in the list.

If you are interested in any of these assets, please contact our partners Numa Rengot and Arnaud Pédron who will be happy to provide further information and assist you with your acquisition.

This court-sanctioned sale process offers an opportunity to buy:

Fast: in a few weeks
Directly or through a NewCo
After limited due diligence (i.e., limited to the scope of the acquisition)
At lower prices than out-of-court acquisitions: the real cost consists in financing the acquired operation
Free and clear of debt, with only a few exceptions (no successor liability – lien and encumbrance free)
Without liability for restructuring costs
A turnkey, autonomous business unit
“Cherry picked” assets (number of employees, tangible and intangible assets, as well as rental, finance lease, distribution, purchase, and service agreements necessary for the continued operation of the business).

		Habitat Main features: Business: Habitat France: Furniture retail (French subsidiary) Habitat Design International: Furniture retail (group central purchasing office). Company registration number: Habitat France : 389 389 545- Habitat Design International : 534 192 216 Headcount: Habitat France : 314 employees – Habitat Design International : 68 employees 2022 revenues: Habitat France : 65,1 M€ – Habitat Design International : 51,9 M€ Deadline for submitting bids: 08/01/2024
		Cosem Main features: Business: Association operating multidisciplinary health centres. Location: 8 health centres in Paris and 8 health centres outside Paris. Headcount 1 203 employees 2022 revenues: 91 M€ – 2021 revenues: 93 M€ Deadline for submitting bids: 11/01/2024
		Sitek Insulation Main features : Business: Manufacture and sale of building, insulation, filtration and absorption materials (Fesco range, Bariboard range, HTI range). Location: Wissembourg (Bas-Rhin) Company registration number: 808 825 467 2023 revenues: 22,3 M€ Headcount 122 employees Deadline for submitting bids: 18/01/2024
		Public works, earthworks, roads Main features: Business: Public works, earthworks, roads. Location: Greater Lille and the Audomar region 2022 revenues: 16,5 M€ – 2021 revenues: 16,9 M€ Headcount 64 employees Deadline for submitting bids: 02/02/2024
		Le Quotidien Main features: Business: Reunion Island’s leading daily press, with an average daily circulation of 15,600 copies. Location: La Réunion Company registration number: 393 614 029 2022 revenues: 10,6 M€ – 2021 revenues: 10,5 M€ – 2020 revenues: 10,8 M€ Headcount 53 employees Deadline for submitting bids: 29/02/2024
		Trio Fruits – Sign: E. Leclerc Main features: Business: Hypermarket. Location: Chelles (Seine-et-Marne) Company registration number: 380 093 997 Headcount 47 employees 2022 revenues: 10,4 M€ – 2021 revenues: 10,4 M€ – 2020 revenues: 15,5 M€ Deadline for submitting bids: 08/01/2024
		Dimetel Main features: Business: Buying, selling and repairing household appliances, wholesale (business-to-business). Location: Brive-la-Gaillarde (Corrèze) Company registration number: 341 831 923 Headcount 8 employees 2023 revenues: 8,8 M€ – 2022 revenues: 7,4 M€ Deadline for submitting bids: 10/01/2024
		Network of care centres Main features: Business: Network of care centres. Location: Locations in 11 regions 2023 revenues: 8,6 M€ – 2022 revenues: 4,6 M€ – 2021 revenues: 1,1 M€ Headcount 158 employees Deadline for submitting bids: 08/01/2024
		Etablissements Martin Main features: Business: Manufacture of natural, recyclable wooden packaging. Location: Augé (Deux-Sèvres) Company registration number: 312 771 520 2023 revenues: 7,8 M€ – 2022 revenues: 7,8 M€ Headcount 58 employees Deadline for submitting bids: 31/01/2024
		Normandy Express Main features: Business: Road haulage of goods, specialising in palletised distribution in Normandy and industrial emergency services, freight forwarding and chartering. Location: Bayeux – Sandouville (Seine-Maritime) Company registration number: 411 123 029 2022/2023 revenues (project) : 7,1 M€ Headcount 68 employees Deadline for submitting bids: 22/01/2024
		Isolation 2000 Main features: Business: Insulation work, partitioning, plastering, interior joinery. Location: Bailly-Romainvilliers (Seine-et-Marne) Company registration number: 332 866 284 2022 revenues: 5 M€ Headcount 44 employees Deadline for submitting bids: 05/01/2024
		Workspace design and equipment companies Main features: Business: Workspace design and equipment companies. Location: Ile-de-France 2022 revenues: Company 1 : 3,8 M€ – Company 2 : 542 K€ Headcount 6 employees per company Deadline for submitting bids: 12/01/2024
		Machining – Welding – Design office Main features: Business: Company 1: MIG, TIG, spot welding, Bending / Rolling (6 mm), 10 mm shear / 30 mm plasma cutting Company 2: Machining all types of materials on machining centres (Sawing/Milling/Boring) Company 3: Design office, Punching & Bending (conventional and digital), Bending, Welding (TIG, MIG, MAG, spot welding) Company 4: TIG welding, Folding, Vacuum testing, Cutting (10 mm shears) Company 5: TIG / MIG / Spot welding (AIR0191 ED.2 certified welders), Folding (conventional or digital) / Punching / Bending Punching / Bending Revenues: Company 1: 885 K€ – Company 2: CA 349 K€ – Company 3: 1,2 M € – Company 4: 229 K€ – Company 5: 684 K€ Headcount: Company 1 : 4 employees – Company 2 : 3 employees – Company 3 : 10 employees – Company 4 : 2 employees – Company 5 : 7 employees Deadline for submitting bids: 05/01/2024
		NMA Sud Ouest Main features: Business: Railway signalling and maintenance work. Location: Montauban (Tarn-et-Garonne) Company registration number: 504 891 904 2022/2023 revenues (project) : 3,3 M€ Headcount 9 employees Deadline for submitting bids: 05/01/2024
		Sale of high-tech computer and electronic products Main features: Business: Sale of high-tech computer and electronic products under a range of brand names, including photo, video, digital picture frame, gaming products, headphones and speakers. Location: Bois d’Arcy (Yvelines) 2022 revenues: 2,5 M€ – 2021 revenues: 5 M€ – 2020 revenues: 8,1 M€ Headcount 10 employees Deadline for submitting bids: 19/01/2024